Earlier this week, Google has announced that it is permanently slashing prices for its Drive cloud service by up to 80%.

Google Drive is a service for cloud storage which allows a user to store their files online and retrieve those files from any computer with access to the internet.

Free service will net a user 15 GB of drive space while 100 GB will cost $1.99 per month ($23.88 per year) instead of $4.99.

One terabyte will fetch a price of $9.99 per month ($119.88 per year) instead of $49.99 and 100 terabytes (a new category) will go for $99.99 per month ($1,199.88 per year).

The dramatic drop in prices is likely due to the much lower cost of available hard drives that saw prices drop up to 50% as the year progressed.

The announcement followed Google’s implementation of a bounty program for its enterprise services on Monday that will reward users $15 for every new member they sign up.

Google had also announced on Tuesday an add-on service for Google Drive and Goggle Sheets (a spreadsheet app) that currently offers over 30 add-ons that grant users access to features not available in the vanilla software.

Is Google’s aggressive price cut going to convince you to use cloud storage? Share your thoughts below!